Updated July 3, 2026 — 12:19pm,first published July 3, 2026 — 7:47am
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TPG Capital decided to retain Joel Thickins in his multimillion-dollar role as partner and co-head of Asia as he negotiates a deal with supermarket giant Coles that could make the global private equity group billions.
The announcement follows Thickins’ guilty plea this week to charges over a crash and refusing a breath test while driving in Sydney’s eastern suburbs and the conclusion of an internal investigation of serious allegations involving alcohol and drugs within the firm.
The law firm whose investigation cleared Thickins, Debevoise & Plimpton, has been used by TPG frequently for some of its biggest deals, including the sale of a stake in a medical platform in December.
In addition to his court-mandated penalties, TPG has imposed “appropriate disciplinary action” against Joel Thickins.Bloomberg
In addition to his court-mandated penalties of a $1430 fine and nine-month driving ban, TPG has imposed “appropriate disciplinary action” against Thickins, according to a statement from the company. It did not provide further information.
The fine is unlikely to trouble Thickins. TPG’s Australian operation, led by Thickins, paid its 30 staff a whopping $62 million last year.
The drama comes at a crucial time for the firm, with supermarket giant Coles confirming it is in talks to acquire TPG’s Petbarn and vets business Greencross with a price tag reported to be as much as $4 billion.
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“Coles confirms that it is in discussions with TPG in relation to a potential acquisition of the business and is undertaking due diligence,” it told the ASX this week.
TPG acquired the business for just $670 million in 2018 which means a deal at this price would yield a multibillion dollar gain for TPG and massive bonuses for the executives involved.
In court this week, the magistrate said that Thickins’ driving offences were as bad as it gets without maiming or killing someone.
“It is an absolute shocker,” Judge Michael Barko said. “Without maiming or killing someone, it can’t get worse [than this].”
He described how Thickins hit two cars in oncoming traffic before losing control and rear-ending another car with such force that its rear axle was “sawn off” and his vehicle was forced into two other parked vehicles. Then there was Thickins’ refusal, twice, to submit to breathalyser tests and his refusal to co-operate with police.
The incident occurred 7.20pm on a Monday night, according to a police statement.
The drama comes at a crucial time for the firm, with supermarket giant Coles confirming it is in talks to acquire TPG’s Petbarn and vets business Greencross with a price tag reported to be as much as $4 billion.
“He was obviously indignant, also argumentative,” the magistrate said.
TPG said law firm Debevoise & Plimpton was brought in to conduct an investigation into the crash and “subsequent allegations pertaining to Joel and TPG’s portfolio company Novotech”.
The allegations refer to reports in The Australian Financial Review concerning a multimillion-dollar payout to a former senior TPG executive, Rob Speedie, after he reportedly threatened to expose what he claimed was a culture of drinking and drug-taking at the firm.
“Debevoise’s investigation has determined those claims to be unsubstantiated and meritless,” TPG said. “Extensive interviews with relevant parties, as well as a review of tens of thousands of documents, unearthed nothing to corroborate the claims that were raised.”
TPG described the Debevoise probe as a “comprehensive, third-party investigation.”
The findings, together with Thickins’ acceptance of responsibility, co-operation with investigators and previously clean disciplinary record, led it to conclude that he’ll remain in the role, TPG said.
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“With the investigation now complete and the legal proceedings concluded, our focus is now on moving forward and supporting the continued success of our strong Asia franchise,” TPG said.
The decision marks a vote of confidence in one of TPG’s most senior Asia executives, who has spent a decade at the firm and helped build its Australian franchise into one of the country’s most active private equity investors.
Thickins joined in 2016 as head of Australia. In 2024, he was appointed Asia co-head alongside Ganen Sarvananthan, who’s also head of the Middle East and sits on TPG’s board and executive committee.
The Australian portfolio has experienced a series of successful exits and realisations, underscoring the maturity of the franchise. These include the Made Group exit, where Cocobella and Rokeby were sold to Danone in a deal valued at as much as $2 billion.
with Bloomberg
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Colin Kruger is a senior business reporter for the Sydney Morning Herald and The Age.Connect via email.From our partners